Analysis

Litecoin Trying To Reach $100 Price Zone, Will This Happen?

Key Points:

  • Litecoin is approaching a very close outlook at the $100 price zone as the halving event approaches.
  • The LTC price is currently at the old support which it broke through in May.
  • The positive signal is also reflected in the fact that the number of Litecoin wallet addresses has skyrocketed in recent times.
Bullish sentiment toward Litecoin (LTC) is rising as the network approaches its much-anticipated halving event. Bitcoin’s outperformance above the $30,000 mark is also one of the conditions that make it possible for LTC to regain its previous $100 mark.
Litecoin Trying To Reach $100 Price Zone, Will This Happen?Litecoin Trying To Reach $100 Price Zone, Will This Happen?
Litecoin Trying To Reach $100 Price Zone, Will This Happen? 4

On August 2, 2023, Litecoin will experience its third halving event, which will drop block rewards from 12.5 to 6.25 LTC. Yet, owing to Bitcoin’s volatility and unpredictable actions from US regulatory authorities, all prophecies and expectations concerning LTC pricing have failed to materialize.

As previously stated, Litecoin’s halving event is a blockchain update that happens every four years or after 840,000 blocks have been produced. This event will cut the block rewards for miners in half.

Litecoin has seen two halving events so far, in 2015 and 2019, with the third one scheduled for August 2, 2023, or after 24,646 blocks.

Currently, the LTC price is showing very positive sentiment, the recapture of the $76 support level as well as the current optimism of the market, helps LTC is currently trading above the 38.2% Fib area.

LTC price is retesting the same as it broke out earlier in May when the whole market was in the red. If this price zone is preserved and there is a positive signal before August, then $100 is entirely possible.

LTC price chart. Source: TradingView

In addition, this upbeat attitude is mirrored in the number of new daily addresses on the blockchain, which has increased significantly in the previous week by over 55%. With this rapid increase of new addresses, Litecoin’s overall address count surpasses 200 million. With this latest milestone, the total number of LTC addresses has now exceeded Ethereum’s 180 million. It is, however, still a long way from its main competitor Bitcoin, which now has over 1 billion total addresses.

Source: Glassnode

Since late April, Litecoin’s address count has increased to an all-time high, outpacing its competitors. As a consequence, the number of Litecoin addresses with balances topped that of all other cryptocurrencies in the top ten by market capitalization, including Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC).

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Discover the Best Altcoins to Invest in Now: Qubetics’ $TICS $8.6 Million in Presale While Cosmos Redefines Blockchain Interconnectivity and ZIGnaly Makes Copy Trading Simple

Explore Qubetics’ groundbreaking QubeQode IDE, Cosmos’ interconnectivity solutions, and ZIGnaly’s copy trading innovation. Learn why…

2 hours ago

Why Crypto-Savvy Investors Are Picking Remittix Over Tron And Sui

The T3 Crime Unit, a partnership between stable coin giant Tether, the Tron blockchain, and…

3 hours ago

Exploring the dynamics of Swedish casinos operating without licenses

These changes have inadvertently led to a burgeoning interest in Swedish casinos operating without a…

4 hours ago

BTFD Coin Sizzles Among the Best New Meme Coins to Buy in January 2025, While Brett and ACT Show Potential

Best new meme coins to buy in January 2025 include BTFD Coin with its record-breaking…

5 hours ago

Operation Chokepoint 2.0 Causes Concerns for the Crypto Industry

John Deaton urged the incoming Trump administration to investigate "Operation ChokePoint 2.0," an alleged effort…

7 hours ago

BTFD Coin, Pepe Coin, and Comedian Are Stealing the Spotlight as the Best Meme Coins to Join This Month for Big Gains 

Discover why BTFD Coin’s presale, Pepe Coin’s meme power, and Comedian’s satire make them the…

7 hours ago